Q: Does a last will override having named specific beneficiaries in my life insurance policy and retirement plan?
I have life insurance through work and a retirement savings plan. I have named specific beneficiaries in these two. If I write a last will and the last will does not mention the life insurance policy and the retirement savings plan, will the last will override the beneficiaries I specifically mentioned in the life insurance policy and the retirement savings plan?, or will those be respected?
A: A will does not affect the named beneficiaries. Those assets are outside of your probate estate, and go to the named beneficiaries. But if you are assessing your estate plan to determine if it meets your needs, or you are considering changes, you should consult with an estate planning attorney who can answer these very basic questions and any other questions that you might have, and who can review your financial situation and advise you. Use the Find a Lawyer tab to consult an estate planning attorney.
1 user found this answer helpful
A: Beneficiaries named in a retirement plan or life insurance will always override anything stated in a Will.
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